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A blog from CityRealty (Links below will take you to the 6sqft site)

Features

Rendering at the 232 East 54th Street construction site (CityRealty) Rendering at the 232 East 54th Street construction site (CityRealty)
Here's your first look at a new 14-story residential building coming to Midtown East.

The site of the project is 232 East 54th Street between Second and Third Avenue, and construction has already begun. We recently stopped by to check out progress and saw the rendering for the new 75-unit structure. A five-story, 20-unit rental building occupied the site prior to its demolition.
Aerial rendering of 232 East 54th Street created by CityRealty with Google Earth
The property is being developed by Elk Investors and the firm of Ismael Leyva Architects did the design, which includes several units with balconies in the middle section of the high-rise. Inside, the 75 homes will be spread over 60,000 square feet of residential space. There will be no more than six units per floor and a selection will offer duplex layouts. Permits indicate several amenities will be included, like a fitness center and laundry room in the cellar, and also a rooftop terrace. Read more about the property on CityRealty here.
Recent progress at the site (CityRealty)

Additional Info About the Building